The Piaggio Group is the largest European manufacturer of scooters and motorcycles, as well as one of the world leaders in the industry. Its portfolio includes some of the world’s best-known brands, including Aprilia, Moto Guzzi and, of course, Vespa, the world’s most famous scooter.
Today the company published the findings of a new analysis which delves into the specifics of the strong Vespa brand value, identifying the brand as a key asset in the company’s overall portfolio. According to the results, the Vespa brand is worth 906 million euros, which corresponds to just over one billion US dollars. The conclusions of a report by Interbrand, a leading brand consultancy, indicate “a unique and globally recognized brand, thanks to its perfect combination of design, lifestyle and Italian heritage”.
Interbrand used proven and unique brand valuation procedures to determine the financial value of the Vespa brand, which included a comprehensive set of resources, market data and quantitative research conducted in ten key markets. Distinction within the industry, attributable to the originality and recognizability of its product design and the tradition that marked this Italian icon, was one of the main aspects contributing to the total strength score of the brand of Vespa. Affinity is also important in determining brand value, as it emphasizes strong positive customer feelings towards the company.
Overall, the brand responds to requirements such as self-expression and pleasure, which go beyond the simple utilitarianism of mobility. For many people, Vespa is the epitome of Italian culture and a timeless icon whose legacy has inspired millions around the world. As well as being a simple scooter, the Vespa brand is linked to lifestyle, providing a key emotional connection with customers in addition to the functional benefits of the product.
Commenting on the study, Michele Colaninno, Piaggio Group Board Director for Strategy, Products and Innovation, said: “Vespa is a style icon: its uniqueness makes it one of the most most admired and sought after, belonging to the high-end space as well as fashion and lifestyle brands.For this reason, we have to start comparing it to other global brands beyond pure mobility. That’s why we asked Interbrand, the world’s leading brand consultancy, to determine and analyze the financial value of the Vespa brand. It’s not a finish line, just a new starting point as we continue to build the future of Vespa.